ABB Girds for Euro-Zone Turmoil

By

John Revill

Jun 7, 2012 8:23 am GMT

ABB Ltd., one of Europe’s largest engineering groups, is increasingly choosy about which European banks it entrusts with its money as fears grow about a Spanish banking collapse and Greece’s possible exit from the euro zone.

“We have treasury plans to deal with [the possible collapse of the euro], making sure our cash is in the proper places so we don’t get caught,” Chief Executive Joe Hogan said in a recent interview at the Swiss company’s headquarters in Switzerland’s financial capital.

“There are hot-spots and it is fair to say we are selective where we are putting our money. We are avoiding certain European banks,” Mr. Hogan added, without being more specific.